JSW Steel Acquires 66.67% Economic Interest in M Res NSW HCC Pty Ltd for US$ 120 Million

JSW Steel Limited has approved the acquisition of an economic interest of up to 66.67% in M Res NSW HCC Pty Ltd for an investment of US$ 120 million through its wholly owned subsidiary JSW Steel (Netherlands) B.V. The company will further invest US$ 50 million in M Res NSW in 2030 to fund its obligation towards the deferred consideration. M Res NSW owns a 30% interest in Golden M NSW Pty Ltd, the proposed ultimate owner of Illawarra Metallurgical Coal, whose operations consist of the Appin and Dendrobium coking coal mines and associated infrastructure in New South Wales, Australia. These mines have total marketable reserves of ~99mn tons of prime hard coking coal and have produced on an average ~6.5mtpa in the past 5 years. The remaining 70% interest in Golden M is held by Golden Investments (Australia) III Pte Ltd, which is a wholly owned subsidiary of Golden Energy and Resources Pte Ltd. JSW Steel proposes to enter into a market-linked offtake contract with Illawarra Metallurgical Coal for purchase of hard coking coal in proportion to its indirect economic interest in Golden M and its subsidiaries.